TLDR:
Madica, an African pre-seed investment programme, has announced investments in three tech startups in Ghana, Kenya, and South Africa. Each startup will receive up to $200,000 in funding and 18 months of company-building support. Madica aims to address key challenges in Africa’s startup ecosystem, such as limited access to capital and mentorship.
Article Summary:
Madica, a structured investment programme for pre-seed stage startups in Africa, has made its first investments in three tech startups on the continent. Launched in 2022 and affiliated with Flourish Ventures, Madica aims to address structural gaps in Africa’s startup ecosystem by providing funding, mentorship, and support for startups. The three funded startups are Kola Market from Ghana, GoBEBA from Kenya, and NewForm Foods from South Africa.
Besides funding, Madica offers a comprehensive programme that includes personalized support, mentorship, founder immersion trips, and access to its global network of investors. The goal is to spur growth and ensure the long-term viability of the startups. Madica employs an open application process and collaborates with local ecosystem players to discover and support entrepreneurs. The programme intends to invest in up to 10 additional startups this year.
Emmanuel Adegboye, head of Madica, expressed excitement over the investments and highlighted the untapped potential of African founders in the tech ecosystem. He emphasized the need to support founders who are often overlooked by investors and to broaden the reach of venture capital and founder mentorship in Africa. Interested founders can apply to Madica’s programme through their website.
